What is Fintech App Development
Digitalization has taken the lead in the market of today and penetrated nearly every sphere, including fintech. Fintech stands for financial technologies and refers to the utilization of technologies to enhance the delivery of financial services to customers.
According to the Business Research Company report, the fintech market has been growing steadily since 2015 and is expected to reach $191,840.2 million in 2025.
Fintech app development matches the dynamic. This article is devoted to key aspects of fintech solutions development, and types of fintech apps and touches on the cost of custom fintech app development.
Types of Fintech Apps
Depending on the value of your product to end customers, there are 6 most popular types of fintech apps to focus on. Let’s have a look at them.
Loan Lending Application
This type of fintech app is designed to facilitate the loaning process by connecting a needy individual and a business with a lender. Loan lending applications automate and supervise the entire lending procedure from loaning request submission to payday. Such apps should contain such features as credit score, application submission, billing, and payment. A few examples of loan lending fintech apps are Buddy Loan and PaySense.
Insurtech Application
Insurtech (Insurance technology) application is suitable for the insurance business and serves to speed up the claims processing, policy administration, and minimize the likelihood of fraud. Good insurtech apps should contain such features as payment processing, filing of clam, quotes, and policy details.
Wealth Management Application
This type of fintech app is designed to cater to customers looking to start working in the stock market. Wealth management applications don’t only help find an asset and invest in it but also boost investment efficiency. Some essential features not to be missed at the development stage are product comparison, real-time alerts, customer support, and currency foreign exchange. StockMarketEye.com for example tracks all your different portfolios and your family's, all through one menu screen and creates alerts for investment opportunities.
Digital Banking Application
Digital banking applications are developed to let users access all the banking services on their phones. The capacity of such apps includes handling money transfers, round-the-clock access to personal bank accounts, etc. As you build a digital banking application, don’t forget about such features as Google/Apple Pay or/and Paypal/Payoneer integration. Great examples of digital banking apps are Monobank in Ukraine and Monese.
Personal Finance Management Application
Personal finance management solutions are the choice for people looking to manage their spending habits, save money, and forecast future balances not to pass the set threshold. Personal finance management applications should include such features as expenses and bills tracking, financial goal settings, payment categorization, etc. Some outstanding examples are Mint and Money Patrol.
Regtech Application
Regtech (regulatory technology) applications cater to the requests of companies dealing with finance to help them be in compliance with laws set by local authorities. These solutions help compliance departments monitor regulatory changes, monitor risks, build reports, etc. The basic functionality of regtech apps are tools for identifying and managing risk and identification of financial crime.
The Cost of Bespoke Fintech App Development
The cost of custom Fintech app development is never cut and dried. Price formation is a dynamic process that is often influenced by the overall complexity of a project (e.g. required functionality and timeline to complete a project) and the location of a development team. On average, it takes around $40.00 to build a basic solution and $65,000 for a more advanced product. For precise calculations for your own project, contact a professional fintech app development team like Perfsol.
Fintech is replacing traditional eCommerce, banking, and finance management, empowering users and businesses for easier financial management and greater efficiency. With different types of fintech apps available, it’s important to nail down what kind of services your app is going to cover.